Fast-growing insurtech underwriting agency Blue Zebra has partnered with Point Insurance to launch a new personal accident and sickness insurance brand.

Blue Point Insurance will be distributed via Zebra Lounge, a digital platform with more than 11,000 registered broker users that is owned by Blue Zebra, the partners announced today.

Blue Zebra MD Colin Fagen says the new brand, which is underwritten by Lloyd’s, aims to become a major player in the personal accident insurance market within the next five years.

“Point Insurance has a fantastic product and is renowned for its service to brokers,” Mr Fagen said. “It’s a like-minded business and this new brand creates an opportunity to expand their footprint to the 350 plus brokerages that access the Blue Zebra digital platform.”

Mr Fagen says the partnership is a boost for the two underwriting agencies, which have the same shareholder in insurtech investor Envest.

Blue Zebra has the expertise and tools to take the product to brokers while Point Insurance is a specialist accident and sickness underwriter, he says.

“We have a lot of strong relationships on the ground in various geographies,” Mr Fagen told insuranceNEWS.com.au.

“We have regional managers in SA, Victoria, Queensland, NSW so we can help them with the face-to-face relationships that we have with the broking community throughout Australia.”

He says the personal accident and sickness insurance market is “an area that is probably under-penetrated” and believes “there is more opportunity for brokers” to sell this to clients such as SME owners and tradesmen.

“It is particularly important when there is a degree of economic uncertainty out there that people have this cover,” Mr Fagen said.

Point Insurance MD David Fogarty says it was a “natural fit” to partner with Blue Zebra.

“To get our product up and running on the Blue Zebra platform has been really straightforward and we are excited to deliver our services to even more brokers,” Mr Fogarty said.

“The Blue Point brand brings together product, service, technology and distribution into an offering that will deliver an experience markedly different for the market.”